ACE TO MOVE INCORPORATION TO SWITZERLAND

Bermuda-based insurer ACE is to change its jurisdiction of incorporation to Switzerland from the Cayman Islands. It said that the move would reduce reputational, regulatory, political and financial risks. ACE will have its headquarters in Zurich. Annual general meetings and half the company’s board meetings will be held there. In a filing with the US Securities & Exchange Commission, ACE said that “we concluded that incorporation in a major financial centre of high repute known for its stability and financial sophistication is in the best interests of our shareholders”. There are no plans to move the company’s share listing from the New York stock exchange or the headquarters from Bermuda. The move is subject to the approval of the forthcoming annual meeting, to be held in Bermuda.